Refractories Current Global Market Size is 51.5 MMT, Says Beroe Inc
RALEIGH, North Carolina, April 2, 2019 /PRNewswire/ -- The global market size of refractories is at a CAGR of 3 - 3.5 percent in 2019, according to Beroe Inc., a procurement intelligence firm. Non-mining sectors such as glass, cement, energy, and chemical drive the market for the refractories industry.
The refractory products in India and China are generally stored at buyers' warehouses, which are then used by engineering firms to install as per the requirement. In Europe, refractory products are stored in supplier's warehouses and are sourced by the customers when required. In such engagements, the warehousing cost accounts for around 3 - 5 percent of the total sourcing cost of refractories.
https://www.beroeinc.com/category-intelligence/refractories-market
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
The increasing demand for steel, non-ferrous, and mineral output processing and beneficiation due to the growing demand for commodities drives the market for the refractory industry. Rising commodity prices of steel, aluminum, and other non-ferrous minerals impact the global mineral production, which, in turn, helps in increasing the value of demand for refractories.
According to Porter's Five Forces analysis, the majority of the raw materials used for refractories depend very less on the refractory market as an end-user application. Fireclay is the major refractory used and 40 percent of the raw material needed for fireclay is used in the paper industry. Huge reserves of clay and magnesia are concentrated in China, which increases the import dependency for refractory producers outside of China.
Key Findings:
- A decline in demand for refractories industry is witnessed due to a reduction of specific consumption of refractories in the steel sector. With this, steel demand is expected to dominate the market with 60 percent share.
- Globally, the supply market of refractories is fragmented with major suppliers such as Vesuvius, RHI, Magnesita, Imerys, Krosaki, and Shingawa holding a combined market share of 18 percent.
- Asia is expected to dominate the demand for refractories even after weak demand for steel in China. The high demand is due to the developing market for steel and steel products in India.
- Demand for cement and lime is constantly increasing due to the infrastructure growth in emerging countries, which drives the demand for refractories in cement processing.
- The intensity of rivalry is high in the refractories industry as the supplier market is fragmented and suppliers are aiming for the increased market in supply surplus situation. The situation calls for more aggressive marketing and sales activity as the bargaining power of the buyer is high.
- The use of optimization model is one technological advancement that has modified the refractories industry. It is used to identify all chemical, thermal, and mechanical factors impacting each operation and recommending the best combination of refractory and installation procedures.
- Many Asian refractory companies take about 20 - 30 percent payment in advance followed by payment after delivery of refractories. These companies refrain from payment on a regular basis and take fees against each order placed for refractories.
The research methodology adopted for the report included:
- Experts with twenty years of domain experience
- Interaction with buyers
- Inputs from supply chain partners
The buyer can control the price of the refractory according to their interest as there are supply surplus market conditions and rivalry among manufacturers to capture higher market share. There are close to 1,500 refractory product suppliers across the globe and the identification of suppliers who can produce high quality thermal resistant refractories can be challenging.
The report also includes:
Market Analysis:
- Market Overview
- Market Size and Trend
- Demand and Supply
- Regional Market Outlook
- Market Drivers and Constraints
- Global Porter's Five Force Analysis
Supply Analysis:
- Major Projects
- Supplier Profile
- SWOT Analysis
Cost & Pricing Analysis:
- Cost Structure
- Price Trend
- Engagement models
Procurement Best Practices:
- Best Practices
- Key Performance Indicator
- Recent Technology Development
- Company News
About Beroe
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com
Media Contact:
Debobrata Hembram
[email protected]
SOURCE Beroe Inc.
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